WASHINGTON (Reuters) -U.S. wholesale inventories were unchanged in May after declining for two straight months, suggesting inventory investment could support economic growth in the second quarter. The Commerce Department said on Monday that wholesale inventories were unchanged instead of dipping 0.1% as previously reported last month. Stocks at wholesalers fell 0.3% in April. Economists polled…
(This July 5 story has been corrected to fix the director’s name in paragraph 3) By Rachel Nostrant NEW YORK (Reuters) – Four shark attacks were reported off the coast of New York’s Long Island over the holiday weekend, extending a recent spike in such encounters in state waters, but authorities said the victims suffered…
(Reuters) – The Republican-led U.S. House of Representatives Oversight Committee on Monday asked Federal Reserve Chair Jerome Powell to hand over confidential documents related to the central bank’s supervision of failed Silicon Valley Bank. Committee chair James Comer, in a letter to Powell published on the panel’s website, also asked for documents related to Fed…
By Ananya Mariam Rajesh (Reuters) -Constellation Brands’ Modelo Especial was the top-selling beer brand in the United States for a second consecutive month in June, after first dethroning Anheuser-Busch InBev’s Bud Light in May. Bud Light, which held the top spot as the most-sold beer in 2022 and in the first four months of this…
(Reuters) -Bankrupt SVB Financial Group has sued the U.S. Federal Deposit Insurance Corp (FDIC) to recover the $1.93 billion that the regulator seized while it took over Silicon Valley Bank in March, a filing in a bankruptcy court on Sunday showed. The group said inability to access the funds was affecting its reorganization as the…
SHANGHAI (Reuters) – General Motors Co on Monday cut the starting price for the Cadillac Lyriq in China by almost 14%, joining Volkswagen in a new round of electric vehicle price reductions in a market where global automakers are under pressure. The Lyriq, a luxury crossover based on GM’s Ultium EV architecture, is now priced…
By Michael S. Derby (Reuters) – Americans said in June they were expecting the weakest near-term inflation gains in just over two years, while continuing to mark up the expected path of home price increases, a survey from the New York Federal Reserve showed on Monday. The New York Fed reported in its Survey of…
DUBAI (Reuters) – An Iranian Revolutionary Guards Commander accused the U.S. Navy on Monday of defending fuel smuggling in the Gulf by trying to interfere when Iran intercepted a ship last week. “On July 6th, Revolutionary Guards’ Navy personnel were inspecting a ship with the name NADA 2 that was involved in smuggling Iranian oil…
(Reuters) -Citigroup on Monday downgraded U.S. stocks in anticipation of a pullback in growth stocks and a recession in the fourth quarter of the year, while betting on beaten-down counterparts in Europe with an upgrade. The brokerage cut its rating on U.S. stocks to “neutral” from “overweight”, following a strong rally in the first half…
By Dawit Endeshaw MEKELLE, Ethiopia (Reuters) – Curled up on a hospital bed in Ethiopia’s northern Tigray region, an emaciated little girl struggles to breathe, as her father softly strokes her gaunt face and her mother sits crying. Tsige Shishay, whose pink sweater reads “beautiful” on the front, is 10 years old but weighs just…
